This post dives into the recent financing milestone for The Devan, a new 336-unit apartment building in Jersey City. The project secured $150 million in permanent financing after wrapping up construction in 2024.
Let’s break down what this loan means, what the building offers, who’s behind it, and why it might matter for renters and the local real estate scene.
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Financing and development overview
The Devan landed permanent financing from an undisclosed lender right after URSA Development Group and Fields Grade finished construction. BlueGate Partners made the announcement and handled representation for the borrowers.
Key facts at a glance
The Devan brings 336 units just south of the Hoboken border, targeting urban renters and commuters with a modern slate of amenities. BlueGate’s Mark DeLillo led the financing process, working closely with Suzanne Sciarra of URSA and Greg Russo of Fields Grade.
Standout amenities designed for modern urban living
The Devan’s amenities feel tailored for today’s apartment hunters, merging lifestyle, wellness, and work-from-home perks. Some highlights:
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Location and transit advantages
Just south of Hoboken, the property sits close to Hoboken Terminal and plenty of mass transit. That quick access is a big plus for commuters heading into Manhattan or around Hudson County.
Commuter convenience and local mobility
The building’s dedicated shuttle links residents directly to the region’s transit system, making daily commutes a bit less stressful. PATH trains, NJ Transit, and ferries are all within reach, so getting around isn’t much of a hassle.
If you’re thinking about living in Jersey City, this kind of first-mile/last-mile service can really smooth out both work and weekend trips.
Who built it and why the market reacted
URSA Development Group and Fields Grade wrapped up construction in 2024, then brought in BlueGate to help secure the financing. Mark DeLillo thanked everyone involved for their teamwork, noting that strong demand and the project’s quality helped win over the lender.
What this means for Jersey City renters and neighborhoods
The Devan’s big loan shows investors still see promise in Jersey City’s rental market, especially with new, amenity-packed buildings. For renters, it’s another option—and maybe a nudge for other developers to raise their game, too.
Practical takeaways for residents and visitors
The Devan adds more choices for anyone thinking about where to live or visit. If you’re checking out Jersey City hotels or just looking for a place to stay for a few days, developments like this really open up the options.
It’s interesting to see how these new buildings highlight the city’s changing residential vibe. For newcomers, the area around Hoboken and the nearby neighborhoods offer plenty—restaurants, parks, and cultural spots that fit right in with modern apartment living.
I’ve watched Jersey City grow for three decades, and honestly, this kind of financing just shows how far the city’s come. The Devan stands out as a sign of that growth, and I bet it’ll shape what people expect when they’re looking to lease in these parts.
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Here is the source article for this story: URSA, Fields Grade ink $150 million loan for 336-unit Jersey City project, BlueGate says
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